Tbilisi Tobacco (სს თბილისის თამბაქო)

panel 2026-09-21Ask

as filed · GEL, thousands

financial ratiosXLSX

Ratio	2018	2019	2020	2021	2022	2023	2024
Margins
Gross Margin	21.0%	32.8%	51.0%	45.9%	44.9%	36.2%	43.5%
EBITDA Margin	14.5%	-28.4%	34.9%	37.2%	36.0%	26.0%	32.8%
EBITDAR	5,169	-2,097	12,067	16,980	16,862	11,102	14,748
EBITDAR Margin	14.5%	-28.4%	34.9%	37.2%	36.0%	26.0%	32.8%
EBIT Margin	13.6%	-32.3%	34.0%	36.9%	35.3%	25.2%	32.0%
Net Profit Margin	12.2%	-75.1%	30.6%	44.0%	42.1%	27.5%	32.8%
Operating Expense % of Sales	6.5%	61.1%	16.1%	8.6%	9.0%	10.1%	10.7%
Returns
Return on Assets (ROA)	5.7%	-14.3%	24.5%	42.6%	37.0%	22.2%	25.4%
Return on Equity (ROE)	13.0%	-19.8%	74.5%	97.7%	68.1%	41.3%	47.0%
ROIC [EBIT / Invested Capital]	14.7%	-7.3%	51.3%	61.1%	42.3%	28.2%	37.7%
Leverage & debt balances
Debt-to-Assets	0.0%	13.3%	20.3%	15.0%	19.1%	18.9%	17.3%
Debt-to-Equity	0.00x	0.19x	0.62x	0.34x	0.35x	0.35x	0.32x
Debt-to-EBITDA	0.00x	N/A	0.73x	0.42x	0.60x	0.90x	0.68x
Equity-to-Assets	43.6%	72.1%	32.9%	43.6%	54.4%	53.7%	53.9%
Net Debt	-497	4,869	8,677	7,012	10,117	9,857	6,783
Cash & Equivalents	497	315	95	37	53	141	3,279
Total Debt	N/A	5,184	8,772	7,049	10,170	9,998	10,062
Liquidity & working capital
Current Ratio	1.15x	1.54x	1.37x	2.28x	1.80x	1.98x	1.86x
Quick Ratio	1.09x	0.70x	0.53x	1.05x	0.83x	0.97x	1.18x
Cash Ratio	0.01x	0.04x	0.01x	0.00x	0.00x	0.01x	0.20x
Total Current Assets	49,946	12,109	17,062	20,392	26,083	25,555	30,946
Total Current Liabilities	43,466	7,886	12,471	8,934	14,480	12,878	16,653
Inventory	2,694	6,580	10,504	11,000	14,106	13,116	11,267
Trade Receivables	46,700	5,079	6,333	8,633	11,066	11,363	15,268
Trade Payables	1,969	875	2,435	3,474	2,837	2,880	1,228
Net Working Capital	6,480	4,223	4,591	11,458	11,603	12,677	14,293
Net Working Capital % of Revenue	18.2%	57.1%	13.3%	25.1%	24.7%	29.7%	31.8%
Trade Working Capital	47,425	10,784	14,402	16,159	22,335	21,599	25,307
Trade Working Capital % of Revenue	133.0%	145.8%	41.7%	35.4%	47.6%	50.6%	56.3%
Change in Trade Working Capital	N/A	-36,641	3,618	1,757	6,176	-736	3,708
Turnover & efficiency
Inventory Turnover	10.46x	0.76x	1.61x	2.24x	1.83x	2.08x	2.25x
Days Inventory Outstanding (DIO)	34.9	483.1	226.4	162.6	199.5	175.7	161.9
Receivables Turnover	0.76x	1.46x	5.46x	5.28x	4.24x	3.75x	2.95x
Days Sales Outstanding (DSO)	477.9	250.7	66.9	69.1	86.1	97.2	123.9
Payables Turnover	14.31x	5.68x	6.96x	7.11x	9.10x	9.46x	20.69x
Days Payable Outstanding (DPO)	25.5	64.2	52.5	51.4	40.1	38.6	17.6
Cash Conversion Cycle	487.3 days	669.5 days	240.8 days	180.3 days	245.5 days	234.4 days	268.1 days
Asset Turnover	0.46x	0.19x	0.80x	0.97x	0.88x	0.81x	0.77x
Cash flow & dividends
Operating Cash Flow	316	-4,933	7,612	16,093	8,957	8,567	15,732
Free Cash Flow (OCF − Capex proxy)	229	-5,353	7,595	15,463	8,181	8,247	15,048
Cash Conversion (OCF / EBITDA)	6.1%	N/A	63.1%	94.8%	53.1%	77.2%	106.7%
Dividends Declared	0	0	11,366	13,754	11,270	8,010	11,701
Dividend Payout Ratio	0.0%	N/A	107.3%	68.6%	57.1%	68.4%	79.2%

Money rows — EBITDAR, net debt, cash, total debt, operating and free cash flow, dividends declared — are in GEL, thousands. Margins, returns and payout are percentages; turnover and leverage are multiples; DIO/DSO/DPO are days. Hover a metric name for its definition.

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